>Nakheel Gets Dubai Support to Pay $980 Million Bond

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>May 11 (Bloomberg) — Nakheel PJSC, the unit of Dubai World that is restructuring $10.5 billion of debt, said the Dubai Financial Support Fund provided money for the full payment of its Islamic bond maturing May 13.

Nakheel’s floating-rate 3.6 billion dirhams ($980 million) Islamic bond, or sukuk, rose 1.5 percent to 98.5 fils to the dirham after the announcement, according to Mashreq Capital DIFC Ltd. The notes have climbed about 50 percent since Dubai World on March 25 proposed to renegotiate terms of its debt. Nakheel’s statement was posted on Nasdaq Dubai’s website today.

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